{"id":604597,"date":"2024-04-23T06:30:19","date_gmt":"2024-04-23T06:30:19","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=604597"},"modified":"2024-06-11T07:21:43","modified_gmt":"2024-06-11T07:21:43","slug":"standard-chartered-150000-bitcoin-price-target-year-end","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/standard-chartered-150000-bitcoin-price-target-year-end\/","title":{"rendered":"Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End"},"content":{"rendered":"

Geoff Kendrick, head of digital assets research at Standard Chartered, recently reiterated the bank’s ambitious Bitcoin price target of $150,000 by the end of this year, despite current market volatility and geopolitical tensions. In a comprehensive interview<\/a> with BNN Bloomberg, Kendrick highlighted the significant role of ETF inflows and upcoming halving events in driving Bitcoin\u2019s price.<\/p>\n

Why Bitcoin Is Set For A Rally To $150,000 By Year-End<\/h2>\n

One of the principal drivers identified by Kendrick is the remarkable influx of capital into Bitcoin ETFs within the United States. Since the inception of these ETFs in early 2024, they have witnessed approximately $12 billion in net inflows. Kendrick highlighted the significance of these developments, stating, \u201cThe ETF inflows<\/a> in the US have dominated really the demand supply metrics in 2024 so far. This is huge in terms of how the ETFs have gone so far.\u201d<\/p>\n

He drew parallels between the current trends in Bitcoin and the historical performance of gold<\/a> following the introduction of gold ETFs. Kendrick elaborated on the potential scale of this trend by projecting, \u201cFrom the start of this year to when the ETF market in the US is mature, we’ll get between $50 and $100 billion of inflow.\u201d<\/p>\n

Related Reading: Conservative Projection Places Bitcoin At $245,000 In 5 Years<\/a><\/div>\n

In addition to the ETF inflows, the Bitcoin halving<\/a> event was identified as another pivotal factor. This event, which reduces the reward for mining new blocks thereby halving the rate of new Bitcoin entering circulation, is set to reduce the daily production from 900 BTC to 450 BTC.<\/p>\n

Although Kendrick mentioned that this halving might be “less important than previous ones,” he still considers it significant in the short-term supply dynamics. He stated, \u201cObviously, once we have the halving […], you have only half as many new coins, so that helps at the margin.\u201d<\/p>\n

Responding to questions about market skepticism, particularly criticism from figures such as JPMorgan CEO Jamie Dimon, who described<\/a> Bitcoin as a “Ponzi scheme,” Kendrick offered a defense of Bitcoin\u2019s underlying technology. He argued, \u201cThere\u2019s a lot of people out there that don’t understand the basic methodology behind Bitcoin. And it\u2019s really that blockchain technology, which is where the value is medium term.\u201d<\/p>\n

Looking Further Ahead<\/h3>\n

Kendrick continued, explaining the transformative potential of blockchain technology not just for financial services but across various industries, “Bitcoin is the first in on that. It\u2019s the largest asset at the moment, makes up for more than 50% of the crypto market, but that opens up the Ethereum and other use cases, which quite frankly, over the next five to 10 years, you can easily see a lot of traditional finance go on chain.”<\/p>\n

Related Reading: Market Expert Predicts New Paradigm For Bitcoin: \u2018Days Under $100,000 Numbered\u2019<\/a><\/div>\n

Furthermore, he addressed the recent market volatility, noting that Bitcoin had experienced a significant sell-off just prior to the halving, with $260 million in Bitcoin leverage positions being liquidated. The Standard Chartered exec interpreted this as a market correction that might set the stage for a healthier build-up post-halving, saying, \u201cWe\u2019ve had a large move lower in Bitcoin. Specifically, on Saturday last weekend, there were $260 million Bitcoin leverage positions that were liquidated. So the market is now looking much more square going into the halving, if you like, in terms of leverage.\u201d<\/p>\n

Summarizing his perspective on the future trajectory of Bitcoin, Kendrick expressed a confident outlook, projecting not only recovery but a robust increase in Bitcoin\u2019s price, driven by both the maturation of the ETF market and ongoing technological advancements. His vision for Bitcoin by the end of 2025 reaches<\/a> even beyond the current year’s target, predicting a potential value of $200,000 per coin.<\/p>\n

At press time, BTC traded at $66,556.<\/p>\n

\"Bitcoin
Bitcoin price reclaims the 200-EMA, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Geoff Kendrick, head of digital assets research at Standard Chartered, recently reiterated the bank’s ambitious Bitcoin price target of $150,000 by the end of this year, despite current market volatility and geopolitical tensions. In a comprehensive interview with BNN Bloomberg, Kendrick highlighted the significant role of ETF inflows and upcoming halving events in driving Bitcoin\u2019s price. Why Bitcoin Is Set For A Rally To $150,000 By Year-End One of the principal drivers identified by Kendrick is the remarkable influx of capital into Bitcoin ETFs within the United States. Since the inception of these ETFs in early 2024, they have witnessed approximately $12 billion in net inflows. Kendrick highlighted the significance of these developments, stating, \u201cThe ETF inflows in the US have dominated really the demand supply metrics in 2024 so far. This is huge in terms of how the ETFs have gone so far.\u201d He drew parallels between the current trends in Bitcoin and the historical performance of gold following the introduction of gold ETFs. Kendrick elaborated on the potential scale of this trend by projecting, \u201cFrom the start of this year to when the ETF market in the US is mature, we’ll get between $50 and $100 billion of inflow.\u201d Related Reading: Conservative Projection Places Bitcoin At $245,000 In 5 Years In addition to the ETF inflows, the Bitcoin halving event was identified as another pivotal factor. This event, which reduces the reward for mining new blocks thereby halving the rate of new Bitcoin entering circulation, is set to reduce the daily production from 900 BTC to 450 BTC. Although Kendrick mentioned that this halving might be “less important than previous ones,” he still considers it significant in the short-term supply dynamics. He stated, \u201cObviously, once we have the halving […], you have only half as many new coins, so that helps at the margin.\u201d Responding to questions about market skepticism, particularly criticism from figures such as JPMorgan CEO Jamie Dimon, who described Bitcoin as a “Ponzi scheme,” Kendrick offered a defense of Bitcoin\u2019s underlying technology. He argued, \u201cThere\u2019s a lot of people out there that don’t understand the basic methodology behind Bitcoin. And it\u2019s really that blockchain technology, which is where the value is medium term.\u201d Looking Further Ahead Kendrick continued, explaining the transformative potential of blockchain technology not just for financial services but across various industries, “Bitcoin is the first in on that. It\u2019s the largest asset at the moment, makes up for more than 50% of the crypto market, but that opens up the Ethereum and other use cases, which quite frankly, over the next five to 10 years, you can easily see a lot of traditional finance go on chain.” Related Reading: Market Expert Predicts New Paradigm For Bitcoin: \u2018Days Under $100,000 Numbered\u2019 Furthermore, he addressed the recent market volatility, noting that Bitcoin had experienced a significant sell-off just prior to the halving, with $260 million in Bitcoin leverage positions being liquidated. The Standard Chartered exec interpreted this as a market correction that might set the stage for a healthier build-up post-halving, saying, \u201cWe\u2019ve had a large move lower in Bitcoin. Specifically, on Saturday last weekend, there were $260 million Bitcoin leverage positions that were liquidated. So the market is now looking much more square going into the halving, if you like, in terms of leverage.\u201d Summarizing his perspective on the future trajectory of Bitcoin, Kendrick expressed a confident outlook, projecting not only recovery but a robust increase in Bitcoin\u2019s price, driven by both the maturation of the ETF market and ongoing technological advancements. His vision for Bitcoin by the end of 2025 reaches even beyond the current year’s target, predicting a potential value of $200,000 per coin. At press time, BTC traded at $66,556. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":604598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,6848,1119,8780,91123],"class_list":["post-604597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-standard-chartered","tag-standard-chartered-bitcoin"],"acf":[],"yoast_head":"\nStandard Chartered Reaffirms $150,000 Bitcoin Target By Year-End<\/title>\n<meta name=\"description\" content=\"Geoff Kendrick, head of digital assets at Standard Chartered, reiterated the bank's ambitious Bitcoin price target of $150,000 by year-end.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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